Fast Cables to redirect Rs1.12 billion to working capital after completing IPO project

Fast Cables shareholders have approved moving Rs1.12 billion of leftover IPO proceeds and investment income into working capital, Profit by Pakistan Today reported. The approval came at the annual general meeting on October 22, 2026, after the company completed its manufacturing expansion. Its PSX filing says Rs2.26 billion went to the project and related loan repayments, while Rs750.46 million remained unspent and net investment returns added Rs370.09 million.

The company raised Rs3.13 billion through its 2024 IPO. Trial and commercial production began during Q1, Q2 2026, later than the Q4 FY2025 timing initially set out in the prospectus. The final utilisation report also records a change in land arrangements: the project used 80 kanals, including land previously held by the company, rather than the 100 kanals envisaged. Auditors noted this difference but reported no other discrepancies in the procedures they performed.